Yes you can easily change the text displayed in the subscription widget.
PRO TIP: For international stores not using English, you can use this to replace the text with your language.
Legacy Themes (not 2.0):
Step 1: From Ongoing, click Settings and then Subscription Widget
Step 2: Type in your new custom text. You can replace the text to say whatever you would like it to display
Step 3: Click Save
2.0 Themes (such as Dawn):
Step 1
From Shopify Admin, under Online Sales click on Themes
Step 2
Click Customize on your Live Theme.
Step 3
From the drop down menu click on Product, then Default Product.
Step 4
In the Product Information section, click on Subscription Plans (this is the Ongoing app "block")
Step 5
In the left hand-side of the screen you can type in your new custom text in the text fields, and click Save.